| dc.description.abstract | This study’s objective is to define the main determinants of dividend policy in the Ho Chi Minh Stock Exchange during the period from 2011 to 2015. There are many tests conducted to find the appropriate model for the panel data and then, the Pooled Ordinary Least Square finally is chosen to run the regression model. The first and most affecting determinant, past dividend payout ratio has positive relationship with current dividend payout ratio, which leads to the conclusion that firms have a tendency to pay dividend for current year based on past dividend rate. Moreover, the results also reveal that profitability is statistically negatively related to dividend payout ratio because firms tend to plow back more when they have many profitable projects, especially after the recession period (in which profitability, measured as the return on asset increase). In contrast, other variables, namely, leverage, revenue growth, firm size and risk have no statistical relationship with dividend payout ratio although they might have positive or negative affect. | en_US |
